In yesterday's D&C business section there was an article that compared the current state of student debt to the mortgage crisis before that bubble burst. The long and short of that crisis was that consumers took on too much mortgage debt on inflated home prices. The subsequent decline in investment markets traumatized the economy, unemployment skyrocketed and many folks found themselves no longer being able to pay their mortgages on homes with deflated values. They couldn't sell them so they walked away. Whether the root cause was being uneducated, misled, misinformed or just plain reckless is for you to decide. What followed were many foreclosures which prompted Government to step in and offer bailouts.

The same thing is taking shape with student loans. Student loan debt is about $1 trillion and rising. President Obama while on his reelection campaign has made it a political issue, again offering bailouts. While I certainly agree there are circumstances in both cases for assistance, for the most part we have to be responsible for ourselves and our families. If you have family members that are nearing their decision to pick a college, have open discussions regarding affordability and strategies to find the best college that will achieve their goals. You can help give them a fighting chance to pay off their loans once they get into the working world.

Speaking from experience, I have two daughters who did their undergraduate studies at SUNY colleges. My older daughter is now pursuing graduate studies at a private college and my younger daughter is posturing for the same. Their foresight has allowed them to take only modest debt forward as they advance their education. As they said to me, "it's not where you go to college but where your diploma is from that will count for an employer." Music to my ears.

One of the many services we offer at Brighton Securities is a complimentary Education planning. Please feel free to call me at (585) 340-2239 if you wish to take advantage of this service, or to learn more about other services we offer.

Salvatore Fasciano Financial Advisor

(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).